Answered step by step

Verified Expert Solution

Link Copied!

Question

1 Approved Answer

Posted on Jun 19, 2024

Which of the following statements is not true when FLK Company discounts a note receivable to the bank? A. FLK may ultimately have to pay

Which of the following statements is not true when FLK Company discounts a note receivable to the bank?

A. FLK may ultimately have to pay the bank when the not is due.

B. If the maker of the note pays the bank on time, no liability will result to FLK.

C. FLK will receive the maturity value from the bank.

D. A contingent liability arises for FLK

Step by Step Solution

There are 3 Steps involved in it

Step: 1

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

Step: 3

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Accounting for Governmental and Nonprofit Entities

Authors: Jacqueline L. Reck, James E. Rooks, Suzanne Lowensohn, Daniel Neely

18th edition

1260190080, 1260190083, 978-1259917059

More Books

Students also viewed these Accounting questions

Question

★★★★★

Gammaro Company uses standard costing. Tim Sweeney, the new president of Gammaro Company, is presented with the following data for 2017: Required 1. At what percentage of denominator level was the...

Answered: 1 week ago

Question

★★★★★

The principal of this school was very receptive for additional assistance in the implementation and evaluation of this program. However, she may not have adequately estimated the amount of time or...

Answered: 1 week ago

Question

★★★★★

Let A, B, and C be three events in a sample space . Express each of the following events by the use of the operators (unions, intersections, complements) among sets: (i) all three events occur; (ii)...

Answered: 1 week ago

Question

★★★★★

In the last part of the 20th century, scientists developed the theory that the planet was warming and the primary cause was the increasing amounts of carbon dioxide (Co2), which is the product of...

Answered: 1 week ago

Question

★★★★★

What is the annual equivalent cost of the following cash flow diagram? The interest rate is 10%. Please read the questions carefully. Please draw the cash flow diagrams and explain the steps that you...

Answered: 1 week ago

Question

★★★★★

A sales budget is given below for one of the products manufactured by the Rhys Hoskins Co.: Sales Budget in Units January 23,000 February 38,000 March 63,000 April 43,000 May 33,000 June 28,000 The...

Answered: 1 week ago

Question

★★★★★

Delorean Ltd operates a distillery that produces a well-known brand of gin. Delorean Ltd has issued capital of $10 million consisting of 1,000,000 ordinary shares. The company's constitution does not...

Answered: 1 week ago

Question

★★★★★

The article does provide support for the relevant OSHA standards surrounding the topic. The article discusses the findings of a study on electrical safety beliefs and practices. The study found that...

Answered: 1 week ago

Question

★★★★★

Comparison of APPLE and MICROSOFT corporate governance. To what extent the corporate governances are similar and to what extent they are different, how they reflect good governance principles such as...

Answered: 1 week ago

Question

★★★★★

Victor and George are friends who have recently graduated from Greenstreet University with a degree in fashion design. They discuss an idea of setting up a fashion design business in London. Having...

Answered: 1 week ago

Question

★★★★★

research at least 2 of the following codes of ethics: (ISC)2 Code of Ethics The International Council of Electronic Commerce Consultant (EC-Council) System Administration, Networking, and Security...

Answered: 1 week ago

Question

★★★★★

New York from NY Atlanta from Atlanta Chicago Chicago San Diego Fixed Costs 200k $ 6,000,000 $ 5,500,000 $ 5,600,000 6,100,000 400k $ 10,000,000 $ 9,200,000 $ 9,300,000 $ 10,200,000 Variable Costs...

Answered: 1 week ago

Question

★★★★★

2. To understand that as a general rule it takes about 3 minutes before the other part(s) have made up a 90% impression of you.

Answered: 1 week ago

Question

★★★★★

3. To understand that the first impression means a lot, and it takes a lot of energy to change this first impression.

Answered: 1 week ago

Question

★★★★★

Go, do not wait until I come

Answered: 1 week ago

Previous Question Next Question